THOUSAND OAKS, Calif. – October 24, 2018 – Teledyne Technologies Incorporated (NYSE:TDY)
• Record third quarter sales of $725.3 million, an increase of 9.5% compared to last year
• All-time record GAAP earnings per diluted share of $2.43
• Record third quarter operating margin
• All-time record cash flow
• Raising full year 2018 GAAP earnings outlook to $8.71 to $8.76 per diluted share, an increase from the prior outlook of $8.18 to $8.28.
Teledyne today reported third quarter 2018 net sales of $725.3 million, compared with net sales of $662.2 million for the third quarter of 2017, an increase of 9.5%. Net income was $90.3 million ($2.43 per diluted share) for the third quarter of 2018, compared with $69.0 million ($1.90 per diluted share) for the third quarter of 2017, an increase of 30.9%. The third quarter of 2018 included $4.1 million in severance and facility consolidation costs. The third quarter of 2018 also included net discrete income tax benefits of $11.4 million. The third quarter of 2017 included $2.9 million in acquisition costs related to the e2v technologies plc (“e2v") acquisition and $2.4 million in severance and facility consolidation costs. The third quarter of 2017 also included net discrete income tax benefits of $9.9 million.
“Sales growth accelerated with overall organic growth exceeding nine percent in the third quarter. In addition, operating margin, earnings per share, and free cash flow were third quarter or all-time records," said Robert Mehrabian, Chairman and Chief Executive Officer. “Teledyne continues to benefit from our balanced business portfolio. Each business segment and major product category experienced growth, with particularly strong sales of detectors for medical imaging and electronic test and measurement instrumentation. Across our segments, sales of defense and space electronics also increased nicely. While we are focusing on stronger business integration and simplification efforts in order to improve margins, we remain committed to our strategy of growing Teledyne both organically and through acquisitions."
Investor Contact: Jason VanWees (805) 373-4542